Stocks ended slightly lower on Tuesday after new data on consumer confidence missed expectations.
The S&P 500 edged lower after the index closed out Monday’s session higher by 1%. The Nasdaq and Dow also gave up earlier gains to end the session lower. Treasury yields added to losses, with the yield on the benchmark 10-year note hovering below 1.6%. Cryptocurrency prices steadied, and Bitcoin prices (BTC-USD) traded little changed to hold just below $38,000 during afternoon trading in New York.
A new print on consumer confidence for April came in below expectations, with the Conference Board’s headline sentiment index falling more than expected last month. At least some of the decline came as short-term income prospects were pressured by concerns over inflation, the Conference Board noted. And a separate report out Tuesday morning showed home prices surged by the most in 15 years in March, underscoring more key areas of the economy where supply and demand mismatches were pushing up prices.